16 January 2009

spend or save- wwyd?

My MIL got me a nice vacuum fpr Christmas, but it wasn't really for hard floors and that's all I have, so she returned it and gave me the money- 150 dollars- to get what I want instead.

So now I don't know what to do. I want to spend it on myself, I really do, but I don't even know what I could buy. I'm so much in the "I don't need it" mindset now that everything I can think of (an ipod, a slipcover for my fugly couch, a couple of things from Uncommon Goods I've been lusting after for years, a decent cut and color) all seem frivolous. And even if I did pick one of those things- which one?

And of course I feel like I should put it towards debt. Those Economidies people that I love say that all found money- including gifts- should go 70% towards debt, 20% to savings, and 10% for spending. Or I could just put it all towards debt. Or half. I don't know!!!

What would you do?


julie said...

well, the slipcover note: ocean state job lot. $25. not "pretty" or "classy" but definately funky and cute. bright colors, fits better than others and washes great. and its soft and cozy. i have one on the couch on our porch and i love it.

so you could spend a little $ and it would have a big impact. as for the rest, i would have trouble knowing what to do too. but it WAS meant to be a gift, so i think you CAN spend a little of it on something nice. its easier if its something that you can easily justify like a couch cover.

LauraC said...

If your MIL had said instead - hey I want to get a gift, what can I get you? What would be the first thing that would come to mind? If you've really been lusting after something for years, this might be the time to treat yourself.

I know financial gurus will say pay down your debt, but if it something you truly want and will truly use, then go for it. I think there has to be a balance between being 100% frugal and 100% unfrugal.

Of course, I am the worst at taking my own advice because I usually invest the money I get. BUT this year, my mom wrote me a check and told me I had to do something nice for myself. Voila, flash for my camera that I have been wanting for a couple of years. And I LOVE it.

Looking For Freedom... said...

I'd use some of it as fun money - maybe $50 or $75 - and put the rest into savings.

Krista said...

I like the 70-20-10 rule.

I am the same way, though. When dh asked me what I wanted for Christmas, I couldn't think of a thing.

melanie said...

consider a refurbished ipod. they are cheaper and recycled....my ipod has changed my life, as much as i hate to admit it.

Katrina said...

If you need a hardwood floor vacuum, I would buy that. If not, TO DEBT!!! That's what I would do, but then again, I am no fun.

BabiesandBargains said...

You seem to love your garden maybe buy a 25 dollar gift card to help with that, put 25 in yours savings, apply 50 to debt and save the other for stocking up on a good sale?